Wuliangye Shares Fall After Chairman Zeng Congqin Detained
Wuliangye shares fell on Monday after the firm announced the detention of its chairman. Local authorities in Yibin have opened a case against Zeng Congqin.
Shares of Wuliangye Yibin Co.,Ltd. fell by 1% on Monday following an announcement that its chairman, Zeng Congqin, has been detained by authorities in Yibin. The Sichuan-based distiller disclosed the situation in a weekend filing to the Shenzhen stock exchange, noting that it had received official notice of the detention and that a formal case has been opened. The company did not provide specific details regarding the nature of the investigation.
Despite the legal development, the company stated that its production and operations remain unaffected. Management clarified that other directors and senior executives are performing their duties as scheduled and that the firm does not expect any impact on its core business activities.
